FITCH Affirms EUROINS Romania at IFS 'BB-'; Outlook Stable
FITCH Ratings has affirmed EUROINS Romania Asigurare Reasigurare SA's (EUROINS Romania) Insurer Financial Strength (IFS) rating at 'BB-', and EUROHOLD Bulgaria AD's (EUROHOLD, the group's ultimate holding company) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlooks are Stable.
Romania gets a Disaster Risk Management Development Policy Loan from the World Bank, with Cat DDO
Romania will be next beneficiary of an instrument from the World Bank allowing the country's government to enhance its disaster risk financing support - the Catastrophe Deferred Drawdown Option (Cat DDO). The project is now underway as part of Building Disaster and Climate Resilience Program Project for Romania.
STATISTICS: ROMANIA, 1Q2018: life insurance business slightly slowing down after the outstanding 2017
Romanian insurers ended Q1 with GWP worth RON 2.53 billion (EUR 543.2 million), 1.45% less y-o-y. Gross paid claims amounted to RON 1.23 billion (EUR 264 million). Out of the 30 active players, Top 10 insurers accounted for about 89% of the market GWP.
Romania: mutual insurers one step closer to become reality
On 28 June the Romanian Government has approved the draft Law on Mutual Insurance Companies, which will be shortly sent to the Parliament for debates and approval.
Cristian IONESCU is the next President of Directorate of the Romanian ASIROM VIG
Starting July 1, 2018, the President of Directorate at position of ASIROM VIG (Romania) will be taken over by Cristian IONESCU. He will replace Mr. Juraj LELKES whose mandate ends on June 30, 2018.
STATISTICS: Romania, FY2017: the growth trend was maintained by the life insurance segment
The Romanian insurance market in Romania continued its growth trend in 2017, the local industry totaling RON 9.7 billion (EUR 2.1 billion), 3.5% more than in the previous year.
Romania: FSA approves Cosmin ANGHELUTA'S appointment for a new mandate as Deputy General Manager of Gothaer
Among the decisions adopted by the Romanian Financial Supervisory Authority (FSA) Board at its meeting on 7 March 2018, the appointment of Cosmin ANGHELUTA for a new mandate as Deputy General Manager of Gothaer Asigurari Reasigurari was also validated.
Cristian FUGACIU, CEO, MARSH Romania took over the management of MARSH operations in Austria and Hungary
Starting January 2018, Cristian FUGACIU, CEO of MARSH Romania is heading the global broker's business in the Central Europe, comprising 7 of the 17 insurance markets that form the CSEE Region (Central & South Eastern Europe).
COLONNADE Insurance to start operations in Romania
COLONNADE Insurance, part of the Canadian group FAIRFAX Financial Holdings, officially begins its activity in Romania, following AIG's entry into a strategic partnership with COLONNADE Insurance to manage existing policies for AIG Europe Limited's Romanian Branch.
ROMANIA: Top 10 insurance brokers accounted for nearly half of the mediated GWP in 3Q2017
The Romaninan insurance brokers mediated GWP worth RON 4.62 billion (EUR 1.02 billion) during the first nine months of 2017, 1,25% more y-o-y. Non-life premiums totaled RON 4.48 billion, while the value of mediated premiums related to life segment was RON 140.78 million.
ON THE MOVE
MILLI Re announced new Manager appointment
Turkish reinsurer MILLI Re stated that Gokhan AKTAS has been appointed to the position of Manager of Foreign Inward Business on 01 September 2018.
Catherine DUFFY to Join AIG as Country Manager of Bermuda
American International Group - AIG announced that Catherine DUFFY will join the company's General Insurance business as Country Manager of Bermuda, at a date to be determined.
LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation
Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.
The challenges associated with digitization in the insurance sector discussed at the "Insurance in the Digital Future" Conference, in Ljubljana
On September 13, 2018, the Insurance Supervision Agency of Ljubljana organized its 4th conference on insurance. The subject of the event was Insurance in the Digital Future. Visit the event's web page to see the conference materials and photo gallery.
LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"
The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.
Munich Re: aggregation risk of cyber insurance is 'the elephant in the room'
Only 5% of cyber losses are insured, estimates Christian Fuhrmann, chief executive of global clients/North America, Munich Re. Very complex by nature and continuously changing, cyber insurance is one of the biggest challenges for insurers, he said.
AXA obtained approvals for XL acquisition. Last day of independence for XL Group
AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group previously announced on March 5, 2018. The acquisition is expected to close on September 12, 2018, pending the satisfaction of the remaining customary closing conditions.
FY2017 XPRIMM Property and Motor insurance reports to be launched in Monte Carlo
The latest editions of the XPRIMM Motor Insurance Report and Property Insurance Report will be launched in Monte Carlo, at the 62th edition of the "Rendez-Vous de Septembre," one of the most important international events dedicated to insurers, reinsurers, brokers, and reinsurance consultants.
Hannover Re: broadly diversified reinsurers with expertise and a very good rating will benefit from the current state of the market
Hannover Re expects to see stability in prices and conditions overall for the treaty renewals as at 1 January 2019 and promising opportunities for next year arising from digitalization, increased demand for coverage of cyber risks, as well as from various openings in the Asian growth markets.
Willis Re - Market still soft, but functional
Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.